I believe there is nothing more valuable for a person or company than reputation — and trust is the foundational piece upon which reputations are built. Trust is a critical component in our relationships with family, friends, significant others and business partners. It also influences another aspect of our professional lives: choosing with whom we conduct business. According to the 2019 Edelman Trust Barometer Special Report, respondents said that brand trust is one of the main factors they consider before buying something. In fact, 81% of those surveyed noted that they “must be able to trust the brand to do what is right.” A business is nothing without the trust placed in it by its customers. Unfortunately, like Buffett observed, companies can lose this trust in an instant. Whether it's a data breach or unethical business practices, there are myriad ways companies can squander this invaluable asset.Before diving into how risk management can help build trust with your...
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